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Saudi Arabia's sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the people said, asking not to be identified as the information is private. ArcelorMittal's stake won't be affected by the debt-for-equity swap, two of the people said.The PIF wants to use the ArcelorMittal plant to build Saudi Arabia's position as a supplier of pipes for the energy sector as part of its extensive plans to support non-oil industries, it said in a strategy document published last year.As of today, PIF has assets worth about $150 billion in listed Saudi companies, including stakes in companies such as Saudi Basic Industries Corp. and National Commercial Bank.
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